Home Insurance Saving Tips For First-Time Home Buyers

​Undoubtedly, there is so much joy when people, especially young professionals, finally buy the house they dream of for years. You can feel their happiness in achieving a milestone in their lives. Successfully getting a home that they can call their own provides a sense of fulfillment to first-time homeowners. 

After getting your house, you need to consider ways to protect it from any perils that may damage your property. It is an investment that provides shelter to you and your family. One way of protecting your real estate property is getting home insurance to have financial coverage for your home. If you are going to pay home mortgages, home insurance is among the requirements of most lenders.

Types Of Coverages
Before talking about home insurance premiums, a first-time homeowner needs to know your insurance policy's type of coverages. You must understand what can be covered in your policy. The extent of your home insurance coverage impacts the amount of premium that you must pay.

A typical home insurance policy generally has four components:

• Dwelling coverage. It provides financial coverage for the cost associated with rebuilding or repairing your house due to damages caused by a hurricane, fire, or any disaster covered in your policy. The coverage offers protection to your home structure, such as roofing, floor, walls, foundations, etc., as well as built-in appliances like cabinetry, water heaters, and plumbing.
• Personal property coverage. It offers protection to your personal belongings inside and outside your house. For example, if someone broke into your home and stole a valuable item, your insurance will pay the expenses in replacing the item.
• Other structures coverage. Your dwelling coverage covers structures attached to your house, while other structures coverage protects structures that are detached from your home. This component covers any cost associated with rebuilding or repairing detached structures such as a detached garage, guest house, and fences.
• Loss of use coverage. The coverage pays your other expenses if you need to live in another place while your primary house is being rebuilt or repaired. It can cover the costs incurred from home rental fees and transportation expenses.

Money-Saving Tips
Here are three money-saving tips that can help first-time homeowners in getting their home insurance policy:

1. Get insurance quotes from at least three insurers and compare the policy coverage and the price that they offer. By doing this, you can examine which insurance provider has the best deal.
2. Understand what type of coverages you need for your home. You should consider the kind of house that you own and the geographical location of your property. Your coverage limit is equivalent to the appraised replacement cost of your home. If you have a high replacement cost, it could affect the amount of your premium. If you are living in a flood-risk area, then you might consider getting additional coverage.
3. Ask your insurer for discounts and promos. Most insurance companies provide first-time policyholders many forms of promos and discounts. Some insurance providers offer bundle policies like home and car insurance bundles. You will pay a lesser premium for the bundle policies compared to getting it as a single policy.

Conclusion
Home insurance can provide you peace of mind knowing that your insurance policy can cover most of the expenses whatever happens to your house. It is nice to note that getting your home insured is one way of protecting your property and your family.

At Pro Financials & Insurance Services, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (708) 233-8870 or Click Here to request a free quote.